Canisius University: The Extra Benefit of Tuition Insurance

For Kevin Smith, Vice President of Enrollment Management at Canisius University, the value of offering GradGuard tuition insurance comes down to peace of mind. As he puts it, "I think the biggest benefit to having GradGuard tuition insurance is the assurance to our students that they can feel like they can concentrate on their academics and not have to worry about their finances."

Before GradGuard, the institution offered no tuition insurance. Students simply followed the regular institutional policy — a gradual refund for those who needed to withdraw. The problem was that most students end up withdrawing after the eight-week mark, at which point no tuition refund is available. Smith and his team felt it was important to give students a way to recover some of their financial investment.

Two factors stood out when choosing GradGuard: there is no cost to the institution to implement it, and it was easy to roll out and manage — both main concerns going into the decision. The student experience is just as straightforward. The institution partners with TouchNet for its online student account center, and because TouchNet partners with GradGuard, the transaction is seamless for students and families. When students log into the system, a pop-up lets them view the insurance plan and decide on the spot whether they want it.

"Unfortunately, circumstances happen and sometimes students have to leave, not that they want to leave, but they have to leave," Smith says. Having tuition insurance available is a relief — an extra benefit that protects students and their financial investment in their education.

Smith describes GradGuard as a great company to work with, with strong customer service and a product that works well for both the institution and its students. The number of students taking advantage of the tuition insurance, he adds, has been a pleasant surprise.